3Q

Republic Bancorp, Inc.

Earnings Release Financial Supplement‌

Second Quarter 2025

(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)



Balance Sheet Data
	As of
	Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024
Assets:
Cash and cash equivalents	$	484,808	$	793,020	$	432,151	$	530,865	$	400,059
Investment securities		711,906		615,663		595,626		478,064		557,459
Loans held for sale		36,802		41,265		32,387		34,407		41,904
Loans		5,373,020		5,289,793		5,439,466		5,296,917		5,264,270
Allowance for credit losses		(81,760)		(106,303)		(91,978)		(82,158)		(80,687)
Loans, net		5,291,260		5,183,490		5,347,488		5,214,759		5,183,583
Federal Home Loan Bank ("FHLB") stock, at cost		24,568		26,748		24,478		23,981		23,840
Premises and equipment, net		36,651		31,996		32,309		33,007		33,224
Right-of-use assets		34,327		35,857		36,182		35,897		31,720
Goodwill		40,516		40,516		40,516		40,516		40,516
Other real estate owned ("OREO")		1,054		1,107		1,160		1,212		1,265
Bank owned life insurance ("BOLI")		108,738		107,918		107,125		106,288		105,462
Other assets and accrued interest receivable		200,287		197,975		197,245		193,474		197,542
Total assets	$	6,970,917	$	7,075,555	$	6,846,667	$	6,692,470	$	6,616,574

Liabilities and Stockholders' Equity:
Deposits:
Noninterest-bearing	$	1,223,016	$	1,375,234	$	1,207,764	$	1,260,086	$	1,279,390
Interest-bearing		4,094,223		4,030,658		4,002,782		3,841,610		3,789,657
Total deposits		5,317,239		5,405,892		5,210,546		5,101,696		5,069,047

Securities sold under agreements to
repurchase ("SSUAR") and other short-term borrowings		72,103		89,718		103,318		79,383		72,598
Operating lease liabilities		35,335		36,831		37,121		36,797		32,602
Federal Home Loan Bank advances		370,000		370,000		395,000		370,000		370,000
Other liabilities and accrued interest payable		116,134		139,025		108,653		124,889		116,904
Total liabilities		5,910,811		6,041,466		5,854,638		5,712,765		5,661,151

Stockholders' equity		1,060,106		1,034,089		992,029		979,705		955,423
Total liabilities and stockholders' equity	$	6,970,917	$	7,075,555	$	6,846,667	$	6,692,470	$	6,616,574

S-2

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second Quarter 2025 (continued)

(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)


Average Balance Sheet Data
	Three Months Ended										Six Months Ended
	Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Jun. 30, 2025		Jun. 30, 2024
Assets:

Interest-earning assets:
Federal funds sold and other interest-earning deposits	$	622,909	$	516,785	$	583,672	$	457,797	$	393,095	$	570,140	$	423,761
Investment securities, including FHLB stock		686,223		619,525		594,567		593,449		670,114		653,058		701,396
Loans, including loans held for sale		5,318,666		5,497,968		5,313,234		5,261,173		5,262,719		5,407,821		5,358,531
Total interest-earning assets		6,627,798		6,634,278		6,491,473		6,312,419		6,325,928		6,631,019		6,483,688

Allowance for credit losses		(105,726)		(102,271)		(82,301)		(81,567)		(108,194)		(104,008)		(102,320)

Noninterest-earning assets:
Noninterest-earning cash and cash equivalents		125,098		389,994		93,927		82,969		102,712		256,814		191,665
Premises and equipment, net		33,250		32,513		32,933		33,319		33,452		32,883		33,671
Bank owned life insurance		108,416		107,599		106,814		105,974		105,128		108,010		104,716
Other assets		273,195		273,643		257,780		258,704		247,858		273,420		251,809

Total assets	$	7,062,031	$	7,335,756	$	6,900,626	$	6,711,818	$	6,706,884	$	7,198,138	$	6,963,229

Liabilities and Stockholders' Equity:

Interest-bearing liabilities:
Interest-bearing deposits	$	4,081,209	$	4,041,991	$	3,921,291	$	3,820,078	$	3,848,238	$	4,061,709	$	3,926,542
SSUARs and other short-term borrowings		87,760		108,760		142,007		73,660		88,326		98,202		95,459
Federal Home Loan Bank advances		370,000		520,778		370,780		387,989		305,604		444,972		420,907
Total interest-bearing liabilities		4,538,969		4,671,529		4,434,078		4,281,727		4,242,168		4,604,883		4,442,908

Noninterest-bearing liabilities and Stockholders’ equity:
Noninterest-bearing deposits		1,323,622		1,491,084		1,328,885		1,313,207		1,366,862		1,406,890		1,428,455
Other liabilities		143,941		150,299		140,228		140,761		144,108		147,103		148,472
Stockholders' equity		1,055,499		1,022,844		997,435		976,123		953,746		1,039,262		943,394

Total liabilities and stockholders’ equity	$	7,062,031	$	7,335,756	$	6,900,626	$	6,711,818	$	6,706,884	$	7,198,138	$	6,963,229

S-3

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second Quarter 2025 (continued)

(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)

Total Company Average Balance Sheet and Interest Rates


	Three Months Ended June 30, 2025						Three Months Ended June 30, 2024
	Average				Average		Average				Average
	Balance		Interest		Rate		Balance		Interest		Rate

ASSETS

Interest-earning assets:
Federal funds sold and other interest-earning deposits	$	622,909	$	6,917	4.45	%	$	393,095	$	5,334	5.46	%
Investment securities, including FHLB stock (a)		686,223		6,346	3.71			670,114		5,144	3.09

TRS Refund Advances (b)		26,353		25	0.38			37,103		742	8.04
RCS LOC products (b)		46,252		12,434	107.83			42,011		11,272	107.91
Other RPG loans		92,012		1,559	6.80			104,042		2,069	8.00
Outstanding Warehouse lines of credit		566,707		9,803	6.94			456,908		9,064	7.98
Traditional Bank loans (c)		4,587,342		65,119	5.69			4,622,655		64,075	5.57
Total loans (d)		5,318,666		88,940	6.71			5,262,719		87,222	6.67

Total interest-earning assets		6,627,798		102,203	6.19			6,325,928		97,700	6.21

Allowance for credit losses		(105,726)						(108,194)

Noninterest-earning assets:
Noninterest-earning cash and cash equivalents		125,098						102,712
Premises and equipment, net		33,250						33,452
Bank owned life insurance		108,416						105,128
Other assets (a)		273,195						247,858
Total assets	$	7,062,031					$	6,706,884

LIABILITIES AND STOCKHOLDERS’ EQUITY

Interest-bearing liabilities:
Transaction accounts	$	1,699,450	$	2,557	0.60	%	$	1,821,025	$	6,323	1.40	%
Money market accounts		1,406,053		10,183	2.90			1,120,833		9,652	3.46
Time deposits		445,129		4,168	3.76			387,150		3,859	4.01
Reciprocal money market and time deposits		318,576		2,622	3.30			334,496		3,514	4.23
Brokered deposits		212,001		2,320	4.39			184,734		2,425	5.28

Total interest-bearing deposits		4,081,209		21,850	2.15			3,848,238		25,773	2.69

SSUARs and other short-term borrowings		87,760		140	0.64			88,326		132	0.60
Federal Home Loan Bank advances		370,000		4,011	4.35			305,604		3,259	4.29

Total interest-bearing liabilities		4,538,969		26,001	2.30			4,242,168		29,164	2.77

Noninterest-bearing liabilities and Stockholders’ equity:
Noninterest-bearing deposits		1,323,622						1,366,862
Other liabilities		143,941						144,108
Stockholders’ equity		1,055,499						953,746
Total liabilities and stockholders’ equity	$	7,062,031					$	6,706,884

Net interest income			$	76,202					$	68,536

Net interest spread					3.89	%					3.44	%

Net interest margin					4.61	%					4.36	%

(a)	For the purpose of this calculation, the fair market value adjustment on debt securities is included as a component of other assets.

(b)	Interest income for TRS Refund Advances and RCS LOC products is composed entirely of loan fees.

(c)	Average balances for loans include the principal balance of nonaccrual loans and loans held for sale, and are inclusive of all loan premiums, discounts, fees, and costs.

(d)	See Footnote 1 for detail of loan fees by reporting segment.

S-4

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second Quarter 2025 (continued)

(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)



Income Statement Data
	Three Months Ended										Six Months Ended
	Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Jun. 30, 2025		Jun. 30, 2024

Total interest income (1)	$	102,203	$	129,838	$	103,108	$	101,546	$	97,700	$	232,041	$	228,332
Total interest expense		26,001		27,150		27,714		30,241		29,164		53,151		62,877
Net interest income		76,202		102,688		75,394		71,305		68,536		178,890		165,455

Provision (2)		1,823		17,672		12,951		5,660		5,143		19,495		35,765

Noninterest income:
Service charges on deposit accounts		3,505		3,460		3,654		3,693		3,526		6,965		6,839
Net refund transfer fees		2,567		13,893		143		582		3,811		16,460		14,631
Mortgage banking income (3)		1,896		1,821		1,454		2,062		1,612		3,717		1,922
Interchange fee income		3,200		3,077		3,173		3,286		3,351		6,277		6,508
Program fees (3)		4,451		3,822		4,279		4,962		4,398		8,273		8,577
Increase in cash surrender value of BOLI		821		793		836		826		792		1,614		1,546
Net losses on OREO		(53)		(53)		(52)		(53)		(48)		(106)		(101)
Gain on sale of Visa Class B-1 shares		—		4,090		—		—		—		4,090		—
Other (3)		1,257		2,251		631		1,455		904		3,508		1,797
Total noninterest income		17,644		33,154		14,118		16,813		18,346		50,798		41,719

Noninterest expense:
Salaries and employee benefits		30,801		31,069		30,999		28,792		29,143		61,870		58,859
Technology, equipment, and communication		8,684		8,643		8,316		7,544		7,340		17,327		14,830
Occupancy		3,391		3,564		3,401		3,224		3,409		6,955		7,231
Marketing and development		1,243		1,387		2,827		1,983		2,705		2,630		4,629
FDIC insurance expense		731		819		728		764		748		1,550		1,520
Interchange related expense		1,488		1,636		1,595		1,540		1,412		3,124		2,710
Legal and professional fees		666		1,118		794		870		770		1,784		1,825
Core conversion and contract consulting fees		182		5,714		—		—		—		5,896		—
Merger expense		—		—		—		—		—		—		41
Other (2)		4,447		4,258		4,851		3,892		4,107		8,705		8,960
Total noninterest expense		51,633		58,208		53,511		48,609		49,634		109,841		100,605

Income before income tax expense		40,390		59,962		23,050		33,849		32,105		100,352		70,804
Income tax expense		8,906		12,694		4,034		7,306		6,899		21,600		14,992

Net income	$	31,484	$	47,268	$	19,016	$	26,543	$	25,206	$	78,752	$	55,812

S-5

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second Quarter 2025 (continued)

(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)



Selected Data and Ratios
	As of and for the Three Months Ended															As of and for the Six Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Jun. 30, 2025			Jun. 30, 2024
Per Share Data:

Basic weighted average shares outstanding		19,721			19,711			19,672			19,654			19,633			19,721			19,626
Diluted weighted average shares outstanding		19,784			19,797			19,778			19,735			19,714			19,795			19,697

Period-end shares outstanding:
Class A Common Stock		17,378			17,368			17,298			17,293			17,275			17,378			17,275
Class B Common Stock		2,149			2,150			2,150			2,150			2,150			2,149			2,150

Book value per share (4)	$	54.29		$	52.98		$	51.01		$	50.39		$	49.19		$	54.29		$	49.19
Tangible book value per share (4)		51.78			50.46			48.47			47.84			46.62			51.78			46.62

Earnings per share ("EPS"):
Basic EPS - Class A Common Stock	$	1.62		$	2.43		$	0.99		$	1.37		$	1.31		$	4.04		$	2.88
Basic EPS - Class B Common Stock		1.47			2.21			0.89			1.25			1.18			3.68			2.62
Diluted EPS - Class A Common Stock		1.61			2.42			0.98			1.37			1.30			4.03			2.87
Diluted EPS - Class B Common Stock		1.47			2.20			0.89			1.24			1.18			3.66			2.61

Cash dividends declared per Common share:
Class A Common Stock	$	0.451		$	0.451		$	0.407		$	0.407		$	0.407		$	0.902		$	0.814
Class B Common Stock		0.410			0.410			0.370			0.370			0.370			0.820			0.740

Performance Ratios:

Return on average assets		1.79	%		2.61	%		1.10	%		1.58	%		1.50	%		2.21	%		1.61	%
Return on average equity		11.96			18.74			7.63			10.88			10.57			15.28			11.90
Efficiency ratio (5)		55.0			40.3			59.8			55.2			57.1			46.5			48.5
Yield on average interest-earning assets (1)		6.19			7.94			6.32			6.40			6.21			7.06			7.08
Cost of average interest-bearing liabilities		2.30			2.36			2.49			2.81			2.77			2.33			2.85
Cost of average deposits (6)		1.62			1.57			1.79			2.01			1.98			1.59			1.98
Net interest spread (1)		3.89			5.58			3.83			3.59			3.44			4.73			4.23
Net interest margin - Total Company (1)		4.61			6.28			4.62			4.49			4.36			5.44			5.13
Net interest margin - Core Bank (1)		3.72			3.70			3.64			3.53			3.46			3.71			3.38

Other Information:

End of period FTEs (7) - Total Company		974			981			989			992			999			974			999
End of period FTEs (7) - Core Bank		917			923			933			935			943			917			943
Number of full-service banking centers		47			47			47			47			47			47			47

S-6

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second Quarter 2025 (continued)

(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)


Loan Composition and Allowance for Credit Losses on Loans
	As of
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024
Loan Composition

Traditional Banking:
Residential real estate:
Owner occupied	$	1,031,898		$	1,025,461		$	1,032,459		$	1,046,385		$	1,058,139
Nonowner occupied		303,357			311,955			318,096			326,273			331,954
Commercial real estate		1,789,043			1,806,760			1,813,177			1,813,303			1,821,798
Construction & land development		258,817			238,562			244,121			247,730			239,615
Commercial & industrial		481,219			482,955			460,245			437,911			452,815
Lease financing receivables		96,547			93,159			93,304			89,653			88,529
Aircraft		211,910			219,292			226,179			235,327			240,275
Home equity		387,599			365,631			353,441			341,204			325,086
Consumer:
Credit cards		10,315			11,136			16,464			16,762			16,547
Overdrafts		826			779			982			827			746
Automobile loans		916			1,031			1,156			1,340			1,599
Other consumer		9,705			9,638			9,555			10,181			12,064
Total Traditional Banking		4,582,152			4,566,359			4,569,179			4,566,896			4,589,167
Warehouse lines of credit		671,773			569,502			550,760			595,163			549,011
Total Core Banking		5,253,925			5,135,861			5,119,939			5,162,059			5,138,178

Republic Processing Group:
Tax Refund Solutions:
Refund Advances		—			30,344			138,614			—			—
Other TRS commercial & industrial loans		95			5,841			52,180			302			92
Republic Credit Solutions		119,000			117,747			128,733			134,556			126,000
Total Republic Processing Group		119,095			153,932			319,527			134,858			126,092

Total Loans - Total Company	$	5,373,020		$	5,289,793		$	5,439,466		$	5,296,917		$	5,264,270

Allowance for Credit Losses on Loans ("Allowance")

Traditional Banking	$	59,055		$	58,851		$	59,756		$	59,549		$	59,865
Warehouse Lending		1,676			1,421			1,374			1,486			1,370
Total Core Banking		60,731			60,272			61,130			61,035			61,235

Tax Refund Solutions		—			25,981			9,861			1			—
Republic Credit Solutions		21,029			20,050			20,987			21,122			19,452
Total Republic Processing Group		21,029			46,031			30,848			21,123			19,452

Total Allowance - Total Company	$	81,760		$	106,303		$	91,978		$	82,158		$	80,687

Allowance to Total Loans

Traditional Banking		1.29	%		1.29	%		1.31	%		1.30	%		1.30	%
Warehouse Lending		0.25			0.25			0.25			0.25			0.25
Total Core Banking		1.16			1.17			1.19			1.18			1.19

Tax Refund Solutions		—			71.80			5.17			0.33			—
Republic Credit Solutions		17.67			17.03			16.30			15.70			15.44
Total Republic Processing Group		17.66			29.90			9.65			15.66			15.43

Total Company		1.52			2.01			1.69			1.55			1.53

S-7

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second Quarter 2025 (continued)

(all amounts other than per share amounts, number of employees, and number of banking centers are expressed in thousands unless otherwise noted)



Credit Quality Data and Ratios
	As of and for the Three Months Ended															As of and for the Six Months Ended
	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Jun. 30, 2025			Jun. 30, 2024

Nonperforming Assets - Total Company:
Loans on nonaccrual status	$	21,537		$	22,730		$	22,619		$	19,381		$	19,910		$	21,537		$	19,910
Loans past due 90-days-or-more and still on accrual		105			120			141			164			631			105			631
Total nonperforming loans		21,642			22,850			22,760			19,545			20,541			21,642			20,541
OREO		1,054			1,107			1,160			1,212			1,265			1,054			1,265
Total nonperforming assets	$	22,696		$	23,957		$	23,920		$	20,757		$	21,806		$	22,696		$	21,806

Nonperforming Assets - Core Bank:
Loans on nonaccrual status	$	21,537		$	22,730		$	22,619		$	19,381		$	19,910		$	21,537		$	19,910
Loans past due 90-days-or-more and still on accrual		—			—			—			—			—			—			—
Total nonperforming loans		21,537			22,730			22,619			19,381			19,910			21,537			19,910
OREO		1,054			1,107			1,160			1,212			1,265			1,054			1,265
Total nonperforming assets	$	22,591		$	23,837		$	23,779		$	20,593		$	21,175		$	22,591		$	21,175

Delinquent Loans:
Core Bank	$	9,953		$	9,031		$	10,185		$	10,048		$	9,313		$	9,953		$	9,313
RPG		9,133			8,282			10,304			10,902			9,970			9,133			9,970
Total delinquent loans - Total Company	$	19,086		$	17,313		$	20,489		$	20,950		$	19,283		$	19,086		$	19,283

NCOs (Recoveries) by Segment:
Traditional Bank	$	313		$	136		$	277		$	1,804		$	232		$	449		$	412
Warehouse Lending		—			—			—			—			—			—			—
Core Bank		313			136			277			1,804			232			449			412
Tax Refund Solutions		22,049			(693)			(2,159)			(2,311)			28,887			21,356			28,582
Republic Credit Solutions		4,004			3,904			5,018			4,695			4,045			7,908			8,220
RPG		26,053			3,211			2,859			2,384			32,932			29,264			36,802
Total NCOs (recoveries) - Total Company	$	26,366		$	3,347		$	3,136		$	4,188		$	33,164		$	29,713		$	37,214

Credit Quality Ratios - Total Company:

Nonperforming loans to total loans		0.40	%		0.43	%		0.42	%		0.37	%		0.39	%		0.40	%		0.39	%
Nonperforming assets to total loans (including OREO)		0.42			0.45			0.44			0.39			0.41			0.42			0.41
Nonperforming assets to total assets		0.33			0.34			0.35			0.31			0.33			0.33			0.33
Allowance for credit losses to total loans		1.52			2.01			1.69			1.55			1.53			1.52			1.53
Allowance for credit losses to nonperforming loans		378			465			404			420			393			378			393
Delinquent loans to total loans (8)		0.36			0.33			0.38			0.40			0.37			0.36			0.37
Annualized NCOs (recoveries) to average loans		1.99			0.24			0.24			0.32			2.52			1.11			1.40

Credit Quality Ratios - Core Bank:

Nonperforming loans to total loans		0.41	%		0.44	%		0.44	%		0.38	%		0.39	%		0.41	%		0.39	%
Nonperforming assets to total loans (including OREO)		0.43			0.46			0.46			0.40			0.41			0.43			0.41
Nonperforming assets to total assets		0.35			0.37			0.39			0.33			0.35			0.35			0.35
Allowance for credit losses to total loans		1.16			1.17			1.19			1.18			1.19			1.16			1.19
Allowance for credit losses to nonperforming loans		282			265			270			315			308			282			308
Delinquent loans to total loans (8)		0.19			0.18			0.20			0.19			0.18			0.19			0.18
Annualized NCOs (recoveries) to average loans		0.02			0.01			0.02			0.14			0.02			0.02			0.02

TRS Refund Advances ("RAs and ERAs")

RAs and ERAs originated	$	—		$	662,556		$	138,614		$	—		$	—		$	662,556		$	771,091
Net (credit) charge to the Provision for RAs and ERAs		(3,934)			15,335			7,637			(2,311)			(1,158)			11,401			24,560
RAs and ERAs NCOs (recoveries)		21,885			(691)			(2,156)			(2,311)			28,764			21,194			28,489

S-8

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second Quarter 2025 (continued)

Segment information for the quarters and six months ended June 30, 2025, and 2024 follows:


		Three Months Ended June 30, 2025
		Core Banking								Republic Processing Group
								Total			Tax			Republic			Republic
		Traditional			Warehouse			Core			Refund			Payment			Credit			Total		Total
(dollars in thousands)		Banking			Lending			Banking			Solutions			Solutions			Solutions			RPG		Company

Net interest income	$	56,380		$	3,549		$	59,929		$	62		$	3,563		$	12,648		$	16,273		$	76,202

Provision for expected credit loss expense		517			255			772			(3,932)			—			4,983			1,051			1,823

Net refund transfer fees		—			—			—			2,567			—			—			2,567			2,567
Mortgage banking income		1,896			—			1,896			—			—			—			—			1,896
Program fees		—			—			—			—			735			3,716			4,451			4,451
Other noninterest income		8,550			23			8,573			156			1			—			157			8,730
Total noninterest income		10,446			23			10,469			2,723			736			3,716			7,175			17,644

Total noninterest expense		44,633			951			45,584			2,504			1,179			2,366			6,049			51,633

Income before income tax expense		21,676			2,366			24,042			4,213			3,120			9,015			16,348			40,390
Income tax expense		4,820			533			5,353			901			679			1,973			3,553			8,906

Net income	$	16,856		$	1,833		$	18,689		$	3,312		$	2,441		$	7,042		$	12,795		$	31,484

Period-end assets	$	5,788,697		$	672,166		$	6,460,863		$	32,771		$	346,586		$	130,697		$	510,054		$	6,970,917

Net interest margin		3.84	%		2.51	%		3.72	%		NM			4.28	%		NM			NM			4.61	%

Net-revenue concentration*		71	%		4	%		75	%		3	%		5	%		17	%		25	%		100	%


		Three Months Ended June 30, 2024
		Core Banking								Republic Processing Group
								Total			Tax			Republic			Republic
		Traditional			Warehouse			Core			Refund			Payment			Credit			Total			Total
(dollars in thousands)		Banking			Lending			Banking			Solutions			Solutions			Solutions			RPG			Company

Net interest income	$	49,915		$	2,914		$	52,829		$	823		$	2,930		$	11,954		$	15,707		$	68,536

Provision for expected credit loss expense		915			214			1,129			(1,182)			—			5,196			4,014			5,143

Net refund transfer fees		—			—			—			3,811			—			—			3,811			3,811
Mortgage banking income		1,612			—			1,612			—			—			—			—			1,612
Program fees		—			—			—			—			760			3,638			4,398			4,398
Other noninterest income		8,435			13			8,448			75			1			1			77			8,525
Total noninterest income		10,047			13			10,060			3,886			761			3,639			8,286			18,346

Total noninterest expense		41,712			927			42,639			2,024			1,018			3,953			6,995			49,634

Income before income tax expense		17,335			1,786			19,121			3,867			2,673			6,444			12,984			32,105
Income tax expense		3,708			403			4,111			796			574			1,418			2,788			6,899

Net income	$	13,627		$	1,383		$	15,010		$	3,071		$	2,099		$	5,026		$	10,196		$	25,206

Period-end assets	$	5,531,961		$	549,472		$	6,081,433		$	32,106		$	362,410		$	140,625		$	535,141		$	6,616,574

Net interest margin		3.53	%		2.57	%		3.46	%		NM			5.03	%		NM			NM			4.36	%

Net-revenue concentration*		70	%		3	%		73	%		5	%		4	%		18	%		27	%		100	%

* Net revenue represents net interest income plus total noninterest income. Net-revenue concentration equals segment-level net revenue divided by total Company net revenue.

S-10

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second Quarter 2025 (continued)


		Six Months Ended June 30, 2025
		Core Banking								Republic Processing Group
								Total			Tax			Republic			Republic
		Traditional			Warehouse			Core			Refund			Payment			Credit			Total			Total
(dollars in thousands)		Banking			Lending			Banking			Solutions			Solutions			Solutions			RPG			Company

Net interest income	$	109,701		$	6,577		$	116,278		$	29,874		$	7,557		$	25,181		$	62,612		$	178,890

Provision for expected credit loss expense		(252)			302			50			11,495			—			7,950			19,445			19,495

Net refund transfer fees		—			—			—			16,460			—			—			16,460			16,460
Mortgage banking income		3,717			—			3,717			—			—			—			—			3,717
Program fees		—			—			—			—			1,502			6,771			8,273			8,273
Gain on sale of Visa Class B-1 shares		4,090			—			4,090			—			—			—			—			4,090
Other noninterest income		18,003			43			18,046			210			1			1			212			18,258
Total noninterest income		25,810			43			25,853			16,670			1,503			6,772			24,945			50,798

Total noninterest expense		94,539			1,823			96,362			5,727			2,239			5,513			13,479			109,841

Income before income tax expense		41,224			4,495			45,719			29,322			6,821			18,490			54,633			100,352
Income tax expense		8,656			1,013			9,669			6,399			1,485			4,047			11,931			21,600

Net income	$	32,568		$	3,482		$	36,050		$	22,923		$	5,336		$	14,443		$	42,702		$	78,752

Period-end assets	$	5,788,697		$	672,166		$	6,460,863		$	32,771		$	346,586		$	130,697		$	510,054		$	6,970,917

Net interest margin		3.81	%		2.59	%		3.71	%		NM			4.42	%		NM			NM			5.44	%

Net-revenue concentration*		59	%		3	%		62	%		20	%		4	%		14	%		38	%		100	%


		Six Months Ended June 30, 2024
		Core Banking								Republic Processing Group
								Total			Tax			Republic			Republic
		Traditional			Warehouse			Core			Refund			Payment			Credit			Total			Total
(dollars in thousands)		Banking			Lending			Banking			Solutions			Solutions			Solutions			RPG			Company

Net interest income	$	98,174		$	5,171		$	103,345		$	31,733		$	6,438		$	23,939		$	62,110		$	165,455

Provision for expected credit loss expense		1,273			523			1,796			24,592			—			9,377			33,969			35,765

Net refund transfer fees		—			—			—			14,631			—			—			14,631			14,631
Mortgage banking income		1,922			—			1,922			—			—			—			—			1,922
Program fees		—			—			—			—			1,533			7,044			8,577			8,577
Other noninterest income		16,421			26			16,447			138			2			2			142			16,589
Total noninterest income		18,343			26			18,369			14,769			1,535			7,046			23,350			41,719

Total noninterest expense		83,106			1,805			84,911			6,536			1,972			7,186			15,694			100,605

Income before income tax expense		32,138			2,869			35,007			15,374			6,001			14,422			35,797			70,804
Income tax expense		6,228			647			6,875			3,510			1,335			3,272			8,117			14,992

Net income	$	25,910		$	2,222		$	28,132		$	11,864		$	4,666		$	11,150		$	27,680		$	55,812

Period-end assets	$	5,531,961		$	549,472		$	6,081,433		$	32,106		$	362,410		$	140,625		$	535,141		$	6,616,574

Net interest margin		3.43	%		2.61	%		3.38	%		NM			5.05	%		NM			NM			5.13	%

Net-revenue concentration*		56	%		3	%		59	%		22	%		4	%		15	%		41	%		100	%

* Net revenue represents net interest income plus total noninterest income. Net-revenue concentration equals segment-level net revenue divided by total Company net revenue.

S-11

Republic Bancorp, Inc.

Earnings Release Financial Supplement

Second Quarter 2025 (continued)

Footnotes:

(1)	The amount of loan fee income can meaningfully impact total interest income, loan yields, net interest margin, and net interest spread. The following table presents the Company’s loan fees by segment:



	Three Months Ended										Six Months Ended
(dollars in thousands)	Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Jun. 30, 2025		Jun. 30, 2024

Traditional Banking	$	1,367	$	1,291	$	1,161	$	1,518	$	1,281	$	2,658	$	2,647
Warehouse Lending		369		310		308		392		322		679		585
Total Core Bank		1,736		1,601		1,469		1,910		1,603		3,337		3,232
TRS		25		33,675		2,605		42		756		33,700		36,627
RCS		12,434		12,237		12,569		12,935		11,272		24,671		22,644
Total RPG		12,459		45,912		15,174		12,977		12,028		58,371		59,271

Total loan fees - Total Company	$	14,195	$	47,513	$	16,643	$	14,887	$	13,631	$	61,708	$	62,503

(2)	Provision for expected credit loss expense includes provisions for losses on on-balance sheet loans. Provision expense for off-balance sheet credit exposures is a component of “Other” noninterest expense.

(3)

In the ordinary course of business, the Bank originates both mortgage and consumer loans with the intent to sell. Mortgage loans originated with the intent to sell are primarily originated and sold into the secondary market through the Traditional Banking segment, while consumer loans originated with the intent to sell are originated and sold through the RCS segment. During the first quarter of 2025, the Traditional Banking segment entered into an agreement to sell $5 million of consumer credit cards. As a result, these loans were transferred from held for investment to held for sale. Gains on sale of mortgage loans are recorded as a component of “Mortgage Banking” income. Gains on sale of RCS consumer loans are recorded as a component of “Program Fees.” The gain on the sale of the consumer credit cards was recorded as a component of “Other” noninterest income during the second quarter of 2025.



	As of and for the Three Months Ended										As of and for the Six Months Ended
(dollars in thousands)	Jun. 30, 2025		Mar. 31, 2025		Dec. 31, 2024		Sep. 30, 2024		Jun. 30, 2024		Jun. 30, 2025		Jun. 30, 2024

Mortgage Loans Held for Sale

Balance, beginning of period	$	9,140	$	8,312	$	8,526	$	9,703	$	80,884	$	8,312	$	3,227
Originations		51,788		41,233		50,065		57,142		52,706		93,021		79,752
Transferred from held for investment to held for sale		—		—		—		—		(1,291)		—		68,173
Proceeds from sales		(53,561)		(41,816)		(51,724)		(59,732)		(123,693)		(95,377)		(142,466)
Net gain on sale		1,483		1,411		1,445		1,413		1,097		2,894		1,017
Balance, end of period	$	8,850	$	9,140	$	8,312	$	8,526	$	9,703	$	8,850	$	9,703

Consumer Loans Held for Sale

Balance, beginning of period	$	32,125	$	24,075	$	25,881	$	32,201	$	19,176	$	24,075	$	24,008
Originations		321,127		266,651		290,881		350,413		402,141		587,778		590,488
Transferred from held for investment to held for sale		—		4,977		—		—		—		4,977		—
Proceeds from sales		(329,345)		(266,633)		(296,163)		(360,910)		(392,755)		(595,978)		(589,339)
Net gain on sale		4,045		3,055		3,476		4,177		3,639		7,100		7,044
Balance, end of period	$	27,952	$	32,125	$	24,075	$	25,881	$	32,201	$	27,952	$	32,201

(4)

The following table provides a reconciliation of total stockholders’ equity in accordance with GAAP to tangible stockholders’ equity, a non-GAAP disclosure. The Company provides the tangible book value per share, a non-GAAP measure, in addition to those defined by banking regulators, because of its widespread use by investors to evaluate capital adequacy.

S-12


	As of
(dollars in thousands, except per share data)	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024

Total stockholders' equity - GAAP (a)	$	1,060,106		$	1,034,089		$	992,029		$	979,705		$	955,423
Less: Goodwill		40,516			40,516			40,516			40,516			40,516
Less: Mortgage servicing rights		6,840			6,875			6,975			7,052			7,030
Less: Core deposit intangible		1,739			1,841			1,957			2,072			2,187
Tangible stockholders' equity - Non-GAAP (c)	$	1,011,011		$	984,857		$	942,581		$	930,065		$	905,690

Total assets - GAAP (b)	$	6,970,917		$	7,075,555		$	6,846,667		$	6,692,470		$	6,616,574
Less: Goodwill		40,516			40,516			40,516			40,516			40,516
Less: Mortgage servicing rights		6,840			6,875			6,975			7,052			7,030
Less: Core deposit intangible		1,739			1,841			1,957			2,072			2,187
Tangible assets - Non-GAAP (d)	$	6,921,822		$	7,026,323		$	6,797,219		$	6,642,830		$	6,566,841

Total stockholders' equity to total assets - GAAP (a/b)		15.21	%		14.61	%		14.49	%		14.64	%		14.44	%
Tangible stockholders' equity to tangible assets - Non-GAAP (c/d)		14.61	%		14.02	%		13.87	%		14.00	%		13.79	%

Number of shares outstanding (e)		19,527			19,518			19,448			19,443			19,425

Book value per share - GAAP (a/e)	$	54.29		$	52.98		$	51.01		$	50.39		$	49.19
Tangible book value per share - Non-GAAP (c/e)		51.78			50.46			48.47			47.84			46.62

(5)

The efficiency ratio equals total noninterest expense divided by the sum of net interest income and noninterest income. The adjusted efficiency ratio, a non-GAAP measure with no GAAP comparable, excludes notable nonrecurring revenues and expenses related to the gain on the sale of Visa Class B-1 shares, gain on sale of consumer credit cards, insurance proceeds, expenses related to the Bank’s planned core system conversion, as well as merger expenses.



	Three Months Ended															Six Months Ended
(dollars in thousands)	Jun. 30, 2025			Mar. 31, 2025			Dec. 31, 2024			Sep. 30, 2024			Jun. 30, 2024			Jun. 30, 2025			Jun. 30, 2024

Net interest income - GAAP (a)	$	76,202		$	102,688		$	75,394		$	71,305		$	68,536		$	178,890		$	165,455
Noninterest income - GAAP (b)		17,644			33,154			14,118			16,813			18,346			50,798			41,719
Total net revenue - GAAP (c)	$	93,846		$	135,842		$	89,512		$	88,118		$	86,882		$	229,688		$	207,174
Less: Gain on sale of Visa Class B-1 shares		—			4,090			—			—			—			4,090			—
Less: Gain on sale of consumer credit card portfolio		328			—			—			—			—			328			—
Less: Insurance proceeds		—			1,571			—			—			—			1,571			—
Total adjusted income - Non-GAAP (e)	$	93,518		$	130,181		$	89,512		$	88,118		$	86,882		$	223,699		$	207,174


Noninterest expense - GAAP (d)	$	51,633		$	58,208		$	53,511		$	48,609		$	49,634		$	109,841		$	100,605
Less: Expenses related to CBank acquisition		—			—			—			—			—			—			41
Less: Core conversion & contract consulting fees		182			5,714			—			—			—			5,896			—
Adjusted noninterest expense - Non-GAAP (f)	$	51,451		$	52,494		$	53,511		$	48,609		$	49,634		$	103,945		$	100,564

Efficiency Ratio - GAAP-derived (d/c)		55.0	%		42.8	%		59.8	%		55.2	%		57.1	%		47.8	%		48.6	%
Adjusted Efficiency Ratio - Non-GAAP (f/e)		55.0	%		40.3	%		59.8	%		55.2	%		57.1	%		46.5	%		48.5	%

(6)	The cost of average deposits ratio equals annualized total interest expense on deposits divided by total average interest-bearing deposits plus total average noninterest-bearing deposits.

(7)	FTEs – Full-time-equivalent employees.

(8)

The delinquent loans to total loans ratio equals loans 30-days-or-more past due divided by total loans. Depending on loan class, loan delinquency is determined by the number of days or the number of payments past due. Delinquent loans as of June 30, 2025, included $0 of Refund Advances (“RA”), which do not have a contractual due date, but the Company considered an RA delinquent in 2025 if it remained unpaid 35 days after the taxpayer’s tax return was submitted to the applicable taxing authority.

NM – Not meaningful

NA – Not applicable

QTD – Quarter-to-date

YTD – Year-to-date

CONTACT:

Republic Bancorp, Inc.

Kevin Sipes

Executive Vice President & Chief Financial Officer

(502) 560-8628

S-13


		BALANCE SHEET DATA	S-2

		AVERAGE BALANCE SHEET DATA	S-3

		TOTAL COMPANY AVERAGE BALANCE SHEETS AND INTEREST RATES	S-4

		INCOME STATEMENT DATA	S-5

		SELECTED DATA AND RATIOS	S-6

		LOAN COMPOSITION	S-7

		ALLOWANCE FOR CREDIT LOSSES ON LOANS	S-7

		CREDIT QUALITY DATA AND RATIOS	S-8

		SEGMENT DATA	S-9

		FOOTNOTES	S-12


Reportable Segment:	Nature of Operations:	Primary Drivers of Net Revenue:

Core Banking:

Traditional Banking	Provides traditional banking products to clients in its market footprint primarily via its network of banking centers and to clients outside of its market footprint primarily via its digital delivery channels.	Net interest income

Warehouse Lending	Provides short-term, revolving credit facilities to mortgage bankers across the United States.	Net interest income

Republic Processing Group:

Tax Refund Solutions	Offers tax-related credit products and facilitates the receipt and payment of federal and state tax refunds through Refund Transfer products. TRS products are primarily provided to clients outside of the Bank’s market footprint.	Net interest income and Net refund transfer fees

Republic Payment Solutions	Offers general-purpose reloadable cards. RPS products are primarily provided to clients outside of the Bank’s market footprint.	Net interest income and Program fees

Republic Credit Solutions	Offers consumer credit products. RCS products are primarily provided to clients outside of the Bank’s market footprint, with a substantial portion of RCS clients considered subprime or near-prime borrowers.	Net interest income and Program fees